The Automotive Component Manufacturers Association of India has concluded the 4th edition of '‘Transforming Mobility 2024 -Global Summit and Expo'.
The event served as a platform for more than 50 EV component manufacturers across various vehicle segments.
The primary objective of the event was to foster partnerships and encourage domestic production, laying a solid foundation for a competitive EV
manufacturing base in India.
The Expo drew a diverse audience comprising OEMs, Start-ups, Policymakers, and International delegates from over 16 countries including those from Japan, Germany, Korea, Taiwan, Egypt, Lebanon, the United Kingdom, and others.
"The Global Summit Expo's success underscores electric vehicles' transformative potential and manufacturing opportunities in India," stated Shradha Suri Marwah, President, ACMA and Managing Director, Subros.
“Backed by robust macroeconomic fundamentals and supportive government policies, India's automotive industry thrives, with the auto components sector investing around USD 3.5 to 4 billion in manufacturing and R&D over the past five years.
Expectations of further investments reaching USD 6.5 - 7 billion in the next five years in new-age technologies including electronics and EV components, signal continued growth and development. With healthy sales and a record turnover of USD 70 billion in FY23, the auto components industry continues to display robust performance. As EV adoption accelerates, the component sector's supply to EV OEMs is also expected to significantly scale-up overtime.”
The success of the EV Expo reaffirms ACMA's dedication to shaping a greener, more innovative automotive landscape, the release noted.